MANILA – Angat Hydropower Corp. will rehabilitate the Angat dam, according to San Miguel Corporation president and Chief Operating Officer (COO) Ramon Ang.
”The rehabilitation of Angat dam is a go, that’s in the government agreement,” Ang said in a press conference following the Annual Stockholders Meeting (ASM) Tuesday. However, Ang failed to give the definite timeline for the planned rehabilitation this year.
Ang said San Miguel had signed a deal with Korea Water Resources Corporation last week for a 60-percent majority stake of the Angat Hydropower Corporation which owns the 218-megawatt (MW) hydropower project in Bulacan.
He said consulting firm Poyry Public Limited Company (PLC) will finalize its recommendation soon on how to rehabilitate Angat before awarding the project to a contractor.
Ang said the dam rehabilitation will include fortification of the 40-year-old structure to minimize the risk of damage particularly in the event of a major earthquake.
The Metropolitan Waterworks and Sewerage Systems (MWSS) previously estimated the dam rehabilitation cost at Php 5.7 billion, through the government allocation of Php 1.8 billion, while K-Water will spend Php 3.9 billion.
In 2010, San Miguel made a bid of USD 312.5 million to rehabilitate the facility, but was outbid by K-Water with an offer of USD 440 million.
Angat Dam is also the main supplier of water for Metro Manila.